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This is an archive article published on February 9, 2011

Fraud in India Infoline stock trading?

Amid rumours of tax raids,India Infoline said it wants Sebi to investigate a stock 'fraud'.

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Amid rumours of tax raids in its premises,brokerage firm India Infoline today said it has requested regulator Sebi to investigate “fraudulent and manipulative acts” in trading of its shares in recent past.

“We are requesting the market regulator Sebi to investigate the trading in cash and derivatives segment in its stock in the recent past against any fraudulent and manipulative acts,” India Infoline said in a filing to the Bombay Stock Exchange.

Besides,the company clarified that there have been no raids,searches or surveys in any of our offices or with any of our people. It

also said that there were ‘baseless’ rumours about some key people leaving the company.

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Following the rumours of enforcement agencies,including Income Tax Department’s raids on the company in the last few days,shares of India Infoline have plummeted by 16.34 per cent in four-straight trading sessions.

Shares of India Infoline today dropped by 1.5 per cent to settle at Rs 65.75 apiece on the BSE.

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